Singapore is heading towards becoming pro at blockchain technology and cryptocurrency. One of the huge firms has disclosed its plan regarding the utilization of blockchain.

At the ASEAN Energy Business Forum, a significant corporation providing electricity and gas transmission, SP Group has announced a blockchain-powered renewable energy certificate (REC) marketplace, according to the press release.

Here, The press release indicates that SP Group intends to use blockchain to improve transparency and efficiency of the firm.

On that note, Samuel Tan elaborated regarding the launch, “Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.”

RECs are tradable certificates or proofs of electricity generated by renewable sources. With that, It also reveals two REC buyers for this new platform which are real estate developer CDL and DBS Bank. Additionally, Three solar energy sellers naming Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore are also involved in the marketplace.
Upgradation in solar energy production and trading is roaring high thanks to Decentralized platforms. The idea is being adopted across the world. For instance, the U.S. state of New York built the Microgrid project for households who want to buy and sell electricity produced by solar panels. Plus, Australian real estate giant Vicinity revealed its plan to test blockchain solutions within its $75 million solar energy program, by providing renewable energy to a shopping mall.